What is the Best Financing Strategy?
Hey there BiggerPockets Members in Ontario Canada!
I am looking on financing advice.
I am currently in my 2nd live in flip deal, and only have experience with standard financing (personal money or the down payment, and a bank for the mortgage).
Ideally I would have like to get into my 3rd deal using a Home Equity Line of my current property; the issue is that we are in the midst of renovations that will not be complete for another few months, and an attractive deal has popped up. This means that I can't borrow against my house, and do not have sufficient savings for a down payment.
What are the best financing options to purchase a property in this situation? It is a duplex that will require about $45,000 in rehab costs, and take an estimated 2 months to rehab.